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2. An Engineers Certified Cost Estimate for the remaining required improvements, and 3. A completed Contract for Construction of remaining required improvements, and 4. A letter of credit to secure the construction. ANALYSIS: None of the required subdivision improvements have been completed, although construction has commenced The applicant is proposing to "bond -out" for the required subdivision improvements as provided for in the county's LDRs. The Public Works and Utility Services Departments have reviewed and approved the submitted Engineer's Certified Cost Estimate and corresponding letter of credit amount. The County Attorney's Office has reviewed and approved the submitted Contract for Construction. The letter of credit, which represents 115% of the estimated cost to construct the required improvements, will be submitted prior to recording the plat. It should be noted that all improvements within the Indian River Club development will be private, with the exception of certain utilities facilities that will be dedicated and guaranteed to Indian River County as required by the Utility Services Department. RECOMMENDATION: Based on the above analysis, staff recommends that the Board of County Commissioners: 1. Grant final plat approval for Oak Hammock (Parcel 8), and 2. Authorize the Chairman to execute the submitted Contract for Construction of remaining required improvements and accept the letter of credit that secures the contract. ON MOTION by Commissioner Ginn, SECONDED by Commissioner Tippin, the Board, by a 4-0 vote (Commissioner Stanbridge absent) unanimously granted final plat approval for Oak Hammock (Parcel 8); authorized the Chairman to execute the Contract for Construction of Remaining Required Improvements; and accepted the letter of credit securing the contract; all as recommended by staff. CONTRACT WILL BE ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD SEPTEMBER 19, 2000 WHEN EXECUTED AND RECEIVED -17- BK 115 PG 179